Thelloy Development (HKG:1546) said a mandatory unconditional cash offer by World Nexus closed with limited shareholder response, according to a joint Hong Kong bourse filing on April 10.

Shares of the construction company were down nearly 6% in Monday morning trade.

Valid acceptances were received for 457,000 shares, representing about 0.06% of the company's issued share capital.

Based on the offer price of HK$0.19 per share, total consideration payable to accepting shareholders amounted to about HK$86,830, the filing said.

Following the close of the offer, World Nexus and its concert parties held 501.3 million shares, representing about 62.7% of the company, compared with 62.6% before the offer.

At the management level, Lam Kin Wing Eddie resigned as chairman and chief executive officer, with Ng Jonathan Yee appointed to both roles effective the same day.

Although the combined role deviates from Corporate Governance Code requirements, the board said it enables more effective strategy execution while maintaining adequate oversight, according to the filing.